353.11
Security for bons.

In the discretion of the lake facilities authority, any
lake facilities authority revenue bonds issued under this chapter may be
secured by a trust agreement between the lake facilities authority and a
corporate trustee that may be any trust company or bank having the powers of a
trust company within or without the state.

The trust agreement may pledge or assign revenues of the
lake facilities authority to be received and may convey or mortgage any
facility or any part thereof. The trust agreement or any resolution providing
for the issuance of such bonds may contain any provisions for protecting and
enforcing the rights and remedies of the bondholders as are reasonable and
proper and not in violation of law, including covenants setting forth the
duties of the lake facilities authority in relation to the acquisition of
property, the construction, improvement, maintenance, repair, operation, and
insurance of the facility in connection with which the bonds are authorized,
the rentals or other charges to be imposed for the use or services of any
facility, the custody, safeguarding, and application of all moneys, and
provisions for the employment of consulting engineers in connection with the
construction or operation of the facility.

Any bank or trust company incorporated under the laws of
this state that may act as depository of the proceeds of bonds or of revenues
may furnish any indemnifying bonds or may pledge any securities that are
required by the lake facilities authority. The trust agreement may set forth
the rights and remedies of the bondholders and of the trustee, and may restrict
the individual right of action by bondholders as is customary in trust
agreements or trust indentures securing similar bonds. The trust agreement may
contain any other provisions that the lake facilities authority determines
reasonable and proper for the security of the bondholders. All expenses
incurred in carrying out the provisions of the trust agreement may be treated
as a part of the cost of the operation of the facility.